China Grand Automotive Services Group Co., Ltd. (SHSE:600297) announces a share repurchase program. Under the program, the company will repurchase up to 80,000,000 of its shares. The shares will be repurchased at a price not more than CNY 3.20 per share.

The repurchased shares will be used in the employee stock ownership plan and the repurchased shares that have not been used within 36 months after repurchase will be cancelled. The repurchase program will be valid for 6 months.